A New York City-based startup aims to launch an artificial intelligence (AI) based platform that could help detect trade-based money laundering (TBML). The platform aims to bring transparency to the supply chain on a global scale by providing an international… Read More ›
US
Fraudsters employ TBML to shift proceeds of email, romance and pandemic-related scams from US to Ghana
Six people have been arrested in the US in connection with their roles in a fraud and money laundering conspiracy based in Ghana involving the theft of tens of millions of dollars. Those arrested employed trade-based money laundering (TBML) operations… Read More ›
Banks’ expanding technology can help stem TBML related illegal wildlife trade
Banks can help organisations intent on preserving the earth’s fisheries, forests, wildlife and other natural resources by employing the increasingly sophisticated technologies used to monitor correspondent relationships or their trade finance operations according to the compliance lead at FICO, the… Read More ›
Merchants and traders swap currencies in ‘most sophisticated’ ever form of money laundering
The Reuters news agency has highlighted a case of what one US source familiar with the investigation described as “the most sophisticated form of money laundering that’s ever existed”. The way such operations work involve legitimate merchants and traders, sometimes… Read More ›
Commission says US needs radical AML overhaul
A US congressional commission has called on the authorities to radically reform anti-money laundering (AML) operations by blocking the flow of illicit funds using complex cross-border financial transactions and cryptocurrencies. The commission is specifically concerned about black-market peso exchange trade-based… Read More ›
US defence bill orders study and strategy on TBML
The National Defence Authorisation Act 2021 has directed the US treasury department to conduct a study and devise a strategy to deal with trade-based money laundering (TBML). The study, which will be contracted out to a third-party entity, will include… Read More ›
US treasury to focus on TBML in money laundering study and strategy for China
The US treasury has been ordered to carry out a study on money laundering by China that will “rely substantially” on information obtained through the trade-based money laundering (TBML) analyses behind the US Government Accountability Office’s (GAO’s) detailed report that… Read More ›
US Congress landmark vote for disclosure of beneficial ownership
Both houses of the US Congress have voted through a law compelling US companies and limited liability partnerships (LLPs) to disclose their beneficial owners holding 25 per cent or more of the shares or voting rights, or those who exercise… Read More ›